DAILY NEWS

Daily News – 14 Feb 2020 (Fri)

Singapore Real Estate

Developers explore new ideas to market projects safely amid outbreak
Developers are exploring different ways to safely market their residential projects amid the Covid-19 virus outbreak, from stepping up the use of digital solutions to curtailing hours at their sales galleries. While a number of developers have already rolled out precautionary measures at their showflats…
https://www.businesstimes.com.sg/real-estate/developers-explore-new-ideas-to-market-projects-safely-amid-outbreak

Covid-19 spread clouds recovery of Singapore retail, industrial sectors
The escalating Covid-19 outbreak that has killed more than 1,300 people and infected over 60,000 worldwide at last count poses near-term downside pressure on Singapore’s retail and industrial property markets. This is according to research by Colliers International, released on Thursday.
https://www.businesstimes.com.sg/real-estate/covid-19-spread-clouds-recovery-of-singapore-retail-industrial-sectors

Expansion of Istana Park part of plans to refresh Orchard Road
Part of Orchard Road could be turned into a car-free green space as part of wide-ranging plans to redesign and expand Istana Park to include Dhoby Ghaut Green. The proposal would mean realigning a stretch of Orchard Road from the Istana to SMA House to merge with Penang Road.
https://www.straitstimes.com/singapore/expansion-of-istana-park-part-of-plans-to-refresh-orchard-road

The M braves virus outbreak with preview
Wing Tai Asia on Thursday announced the opening of its latest development in Bugis, The M condominium, for a public preview this Saturday. It also unveiled its indicative pricing, ranging from S$2,200 to S$2,400 per sq ft (psf), which it described as “not very aggressive”.
https://www.businesstimes.com.sg/companies-markets/the-m-braves-virus-outbreak-with-preview

Companies’ Brief

Chip Eng Seng, two other firms bag Jurong Regional Line deals worth S$596m
A unit of mainboard-listed Chip Eng Seng Corporation and two other firms have snagged three contracts worth some S$596 million to design and construct four Jurong Region Line (JRL) stations and their associated viaducts, the Land Transport Authority (LTA) announced on Thursday.
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-two-other-firms-bag-jurong-regional-line-deals-worth-s596m

Far East H-Trust posts 5% drop in Q4 DPS to 0.95 S cent
Far East Hospitality Trust’s (Far East H-Trust) distribution per stapled security (DPS) fell by 5 per cent to 0.95 Singapore cent for its fourth quarter ended Dec 31, from one Singapore cent a year ago. This was due to an enlarged base mainly from implementing a distribution reinvestment plan in the last four quarters…
https://www.businesstimes.com.sg/companies-markets/far-east-h-trust-posts-5-drop-in-q4-dps-to-095-s-cent

DBS outperforms in Q4; hunkers down to tackle impact from virus outbreak
Singapore’s largest bank opened the results season for the local trio on Thursday with its prognosis of the impact of the novel coronavirus (Covid-19) on its earnings ahead. With the virus outbreak hurting key industries such as tourism…
https://www.businesstimes.com.sg/companies-markets/dbs-outperforms-in-q4-hunkers-down-to-tackle-impact-from-virus-outbreak
https://www.straitstimes.com/business/banking/dbs-q4-profit-up-14-at-151b-just-above-analysts-estimate

First Sponsor launches, prices S$100m in 3.29% notes due 2025
Property developer First Sponsor Group on Thursday launched and priced S$100 million in 3.29 per cent notes due 2025, it said. Wells Spring Pte Ltd, a wholly-owned subsidiary of controlling shareholder Tai Tak Estates, subscribed to 13 per cent of the issuance.
https://www.businesstimes.com.sg/companies-markets/first-sponsor-launches-prices-s100m-in-329-notes-due-2025

IReit Global explores ways to raise Spanish portfolio’s occupancy rate
IReit Global will be leveraging the network and local presence of asset management group and joint venture partner Tikehau Capital to boost the occupancy rate of its recently-acquired Spanish portfolio. This is with hopes of bringing the “under-rented” properties nearer to market levels through active asset management…
https://www.businesstimes.com.sg/companies-markets/ireit-global-explores-ways-to-raise-spanish-portfolios-occupancy-rate

Capital World sinks into the red in Q2, proposes scheme of arrangement
Having assessed its ability to continue as a going concern, Capital World will be applying to the Singapore High Court to propose a scheme of arrangement to restructure its debt. The Catalist-listed property developer said in a filing on Thursday night that this decision was made in view of its current net liability position.
https://www.businesstimes.com.sg/companies-markets/capital-world-sinks-into-the-red-in-q2-proposes-scheme-of-arrangement

Views, Reviews, Forum & Others

Transforming Singapore enterprises
Business today are facing more pressure than ever. This is especially so for enterprises, which may have access to fewer resources compared to larger firms. These firms face relentless challenges in remaining competitive and profitable in a dynamic and uncertain future economy.
https://www.businesstimes.com.sg/opinion/singapore-budget-2020/transforming-singapore-enterprises

Battling Covid-19 – Stay healthy, keep calm, and carry on spending at home
The novel coronavirus outbreak is hurting inbound tourism, disrupting supply chains in manufacturing, and potentially dampening already-weak retail spending. To mitigate its economic impact, what Singapore residents can do for the country is not just to stay healthy, but to keep calm and carry on spending.
https://www.businesstimes.com.sg/opinion/battling-covid-19-stay-healthy-keep-calm-and-carry-on-spending-at-home

Singapore Budget 2020

Analysts expect provisions to be made in Budget for social spending
While it is almost certain that Budget 2020 will be packed with economic assistance and tax reliefs to soften the blow of the Covid-19 virus on businesses and help them tide over this period of uncertainty, the poor and the vulnerable are not likely to be forgotten.
https://www.businesstimes.com.sg/government-economy/singapore-budget-2020/analysts-expect-provisions-to-be-made-in-budget-for-social

Seven measures to expect from Budget 2020
On Feb 18, Deputy Prime Minister and Minister for Finance Heng Swee Keat is expected to unveil a strong expansionary Budget. Incorporating ideas from Singaporeans as part of the “Singapore Together” movement, the Budget will aim to grow the economy, help Singapore face its external challenges and ensure the nation’s long-term success.
https://www.businesstimes.com.sg/opinion/singapore-budget-2020/seven-measures-to-expect-from-budget-2020

Budget should provide targeted relief
Budget 2020, which Deputy Prime Minister and Finance Minister Heng Swee Keat will present in Parliament next Tuesday, will come at a particularly challenging time for the economy. The economic impact of the coronavirus, which has spread from China to more than 24 countries and territories, is already being felt in Singapore.
https://www.straitstimes.com/opinion/st-editorial/budget-should-provide-targeted-relief

Singapore Budget 2020: Ensuring S’pore’s present and future needs are taken care of
Deputy Prime Minister and Finance Minister Heng Swee Keat will deliver Singapore’s 2020 Budget statement in Parliament on Tuesday. For many Singaporeans, this means goodies and giveaways galore. But the annual Budget goes beyond this…
https://www.straitstimes.com/singapore/ensuring-spores-present-and-future-needs-are-taken-care-of

Singapore Budget 2020 must tackle both immediate & longer-term threats to jobs
Tackling unemployment could become a top priority for policymakers as the economic damage of the coronavirus outbreak spills over into an already challenged labour market. Even before the outbreak, this year’s Budget was expected to provide fresh impetus to programmes aimed at retooling the growing number of retrenched workers…
https://www.straitstimes.com/business/economy/budget-must-tackle-both-immediate-longer-term-threats-to-jobs

Singapore Budget 2020 wish list: Relief from coronavirus impact, GST offsets, help for businesses
In what had widely been regarded as an election year, before the coronavirus came on the scene here last month, expectations for the Budget had centred around what goodies might be in store. This included speculation on how generous the offset package for the impending GST (goods and services tax) …
https://www.straitstimes.com/singapore/a-wish-list-relief-from-virus-impact-gst-offsets-help-for-businesses

Update on COVID-19 (Coronavirus Disease 2019) situation

F&B players seek rebates as some face imminent closure from outbreak
The Restaurant Association of Singapore (RAS) has asked major landlords for rental rebates to tide its members over this difficult period, when their takings have plunged by as much as 80 per cent following the novel coronavirus (Covid-19) outbreak.
https://www.businesstimes.com.sg/government-economy/fb-players-seek-rebates-as-some-face-imminent-closure-from-outbreak
https://www.straitstimes.com/singapore/restaurants-ask-malls-for-rent-rebates-to-survive-drop-in-business

Singapore banks roll out virus relief measures for SMEs, retail customers
As the Covid-19 outbreak continues to rattle the region, Singapore banks have stepped in with relief measures to help businesses and retail customers. DBS, OCBC and Standard Chartered on Thursday rolled out their respective relief packages – a day after UOB said it had allocated S$3 billion to provide Singapore-based companies, especially small- and medium-sized enterprises (SMEs), with relief assistance.
https://www.businesstimes.com.sg/companies-markets/singapore-banks-roll-out-virus-relief-measures-for-smes-retail-customers
https://www.straitstimes.com/business/banking/banks-roll-out-relief-measures-for-smaller-firms-home-owners

Coronavirus: Permanent work ban for 2 for breaching entry rules
The Ministry of Manpower (MOM) has revoked the work passes of two workers and suspended their employers’ work pass privileges for breaching entry approval requirements after they recently travelled to China.
https://www.straitstimes.com/singapore/manpower/permanent-work-ban-for-2-for-breaching-entry-rules

NUS don and two Bangladeshi workers among 8 new cases
Eight more cases of the novel coronavirus – all with links to previous ones – were announced on Thursday, bringing the total number of infected people in Singapore to 58. Five of the new cases are linked to the Grace Assembly of God church, including a 54-year-old National University of Singapore (NUS) professor…
https://www.businesstimes.com.sg/government-economy/nus-don-and-two-bangladeshi-workers-among-8-new-cases
https://www.straitstimes.com/singapore/health/spore-reports-8-more-cases-all-with-links-to-known-clusters

*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation.